Probe May Lay Open UBS
From Wall St Journal article 5/8/08:
US prosecutors are investigating whether the private bank, which provides services to wealthy individuals, was involved in tax-evasion schemes that may have been carried out through Liechtenstein, a European principality that was beyond the reach of US tax officials. The US investigation is being aided by a former UBS insider who has met with US prosecutors, according to two people with knowledge of the situation. US securities regulators also are conducting an inquiry.
The US probe into UBS’ private bank, the world’s largest as ranked by assets under management and one that prides itself on conservatism and confidentiality, threatens to implicate UBS clients. The former UBS employee, who also is under investigation for potential wrongdoing, has provided US officials with names of American clients of UBS, said the people familiar with the probe.
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